Hydrogen Group announces trading update
The Group has continued to invest in headcount during the second half of the year, with a 10% increase in sales headcount between June and December. The costs associated with this investment, together with some foreign exchange losses arising from the recent strength of Sterling, have also contributed to the reduction in profitability in the period.
As a consequence, the Board believes that profit before tax ("PBT") for the second half of the year will be lower than the first half by approximately £0.3m and, therefore, that PBT for the year to 31 December 2013 will be below market expectations.
Activity levels across the Group in the lead-up to the year-end remain strong. The Board remains confident in its strategy to grow the business, and believes that the investments made in 2013 leave it well placed to benefit from market opportunities in 2014.